The Secure Choice Plan (SCP): Future of Pensions for the Private Sector

1. The Secure Choice Plan (SCP):Future of Pensions for the Private Sector National Conference on Public Employee Retirement Systems

2. Lake Research Partners Washington, DC | Berkeley, CA | New York, NY www.lakeresearch.com 202.776.9066 National Conference on Public Employee Retirement Systems: National Poll Findings from a Survey of 800 Likely 2012 General Election Voters

3. Key Points • We are in a battle, but this battle is open and very much winnable. • A substantial number of voters are not sure about their views on the issue. It is not top of mind, and only a minority have really heard about pensions and budgets—though that minority tends to have heard bad things. • We begin with majorities on the side of protecting pensions and guaranteeing retirement security. However, there is a real concern about budgets and deficits. • Opponents have some powerful messages. However, we can win with an overarching narrative that emphasizes raising the bar for all and advocating for real retirement security—something that is only a distant dream for an increasing number of Americans.

4. The top testing messages employ a broader frame that defends retirement security and goes on the offensive against Wall Street for the budget crisis caused by the economic crash. Now, I'm going to read you some statements people have made in support of public employee pensions. Please tell me whether each statement I read is a VERY convincing, SOMEWHAT convincing, NOT TOO convincing, or not AT ALL convincing reason to support public employee pensions. If you are not sure how you feel about a particular item, please say so.

5. Secure Choice Plan • State sponsored Multiple Employer Defined Benefit Plan (Public Private partnership) • Employers and employees can elect to participate in SCPs • Employer Benefits • Same (if not lower) costs/admin burden as 401ks • Compete with employers that provide pensions

6. National Conference on Public Employee Retirement Systems: National Research Findings from focus groups among voters and a survey of 809 likely 2012 general election voters

7. Methods • Survey designed by Lake Research Partners and conducted by telephone using professional interviewers April 18-21, 2011. • The survey reached a total of 809 likely 2012 general election voters nationwide, including 159 by cell phone. • The margin of error of the base sample is +/-3.5%. • The survey was preceded by four focus groups: 7

8. Secure Choice Plan • The most appealing aspects of the plan were choice/flexibility and security. • The main weaknesses of this plan are all the points at which voters may think they have found a “catch” or a “gimmick.” • Voters are very suspicious of professional financial managers. • Voters are suspicious of large institutions. This includes government, corporations, Wall Street, and, to a certain extent, unions. • Voters want a guarantee, but they are naturally wary of anyone who claims to be giving them one. • In focus groups, men tend to emphasize choice, control, and flexibility when they discuss their own retirement plans.. • Women tend to emphasize stability and security, and they are more likely to admit that they are not experts in investment. 8